SBP is introducing New currency notes in Pakistan in 2024. SBP is creating new, fresh designs for currency notes with advanced security features. The State Bank of Pakistan aims to modernize the Pakistani currency and complete the new banknotes’ release within two years.
The SBP organized an art competition earlier this year for creative and unique currency note designs. Local artists, designers, and students were invited to submit their ideas, and the best designs for each denomination were awarded cash prizes, which we’ll detail below.
Details About New Currency Notes in Pakistan 2024:
Issue Date: The expected date of new currency notes is the end of 2024. It will take two years to complete the process.
Old Currency: The current currency notes will remain in circulation even after the new notes. Phasing out the old notes will take place gradually, for five years.
Polymer Notes: One denomination will be a polymer note, tested for durability and security in Pakistan’s climate conditions.
Issue Date of New Currency Notes in Pakistan 2024:
The new currency notes are scheduled to be issued in 2025. The State Bank of Pakistan (SBP) has been working on this change for several months to ensure a smooth transition by introducing the notes in phases, allowing time for the new notes to circulate effectively.
The Process of Finalizing the Design:
The design of the new currency notes plays a key role in the process. The State Bank of Pakistan worked with top designers and security experts to create these notes.
Steps in the Design Process:
Research and Planning: SBP studied global currency trends, focusing on adding strong security features to prevent counterfeiting.
Security Features: The new notes feature advanced security measures such as watermarks, holographic strips, and microtext to prevent fraud.
Design Competition: A nationwide contest invited talented artists to submit designs. The top 3 designs were chosen for their creativity, practicality, and clear recognition.
Approval and Printing: After approval, trusted international currency printers will print new notes.
Who Won the Design Competition?
The SBP launched the competition, inviting local artists, designers, and students to submit their thematic designs for the new banknotes. These are the competition winners:
| Sr# | Artist / Designer | Prize | Denomination | Entry Codes |
|---|---|---|---|---|
| 1 | Dr. Shery Abidi | 1st | Rs.10 | NDB031353 |
| 2 | Mr. Mirza Sufiyan | 2nd | Rs.10 | NDB030720 |
| 3 | Mr. Haroon Khan | 1st | Rs.20 | NDB031108 |
| 4 | Syed Fawad Hussain | 1st | Rs.50 | NDB031393 |
| 5 | Ms. Memoona Afzal | 1st, 1st | Rs.100, Rs.5000 | NDB031178 |
| 6 | Ms. Hadiya Hassan | 1st | Rs.500 | NDB030815 |
| 7 | Ms. Aynee Zahra | 2nd | Rs.500 | NDB031111 |
| 8 | Ms. Noureen Aslam | 1st | Rs.1000 | NDB031148 |
| 9 | Mr. Karim Muhammad | 2nd | Rs.5000 | NDB031801 |
Prizes for the Winning Designs:
The SBP offered significant cash rewards to the top designs:
- 1st Prize: Rs. 1,000,000
- 2nd Prize: Rs. 500,000
- 3rd Prize: Rs. 300,000
These prizes were awarded for each of the existing denominations, including Rs. 10, Rs. 20, Rs. 50, Rs. 100, Rs. 500, Rs. 1000, and Rs. 5000.
What Do the Shortlisted New Currency Notes Look Like?
The competition winner Pakistani currency Notes 2024 designs feature significant national symbols and themes:
Rs. 5000: Light green, with white doves and Quaid-e-Azam seated in authority.
Rs. 10: Light green, with Quaid-e-Azam and the Chukar partridge.
Rs. 20: Orange, with Quaid-e-Azam and the Badshahi Mosque.
Rs. 50: Beige, showcasing Mohenjo-Daro and a tunnel on the reverse.
Rs. 100: Purple, featuring Quaid-e-Azam and trees symbolizing environmental conservation.
Rs. 500: Red and green, with Quaid-e-Azam and cotton-picking imagery.
Rs. 1000: Brown, with modern geometric designs and hands symbolizing unity.
How can people get the New Currency Notes?
Once the new notes are available, you can get them through:
- Banks: You can exchange old notes for new ones at your nearest bank branch.
- ATMs: Most banks will stock new notes in ATMs, so you can withdraw them directly.
- Post Offices: The government is also making the new notes available at selected post offices nationwide.
You will need a valid ID card when exchanging your old notes at banks.
How do you exchange old notes for new ones?
Exchanging your old notes is a simple process. Here’s how you can do it:
- Visit Your Bank: Take your old currency notes to any branch of your bank.
- Provide Your ID: Make sure to carry your CNIC or any other valid identification.
- Receive New Notes: You’ll receive new currency notes in exchange for the old ones, free of any charges.
If you have a large amount of old currency, you can also schedule an appointment with your bank to ensure a quicker process.
When Will Old Currency Notes Be Banned?
The existing currency notes will remain in circulation alongside the new notes for the time being. The gradual withdrawal of old notes will take place over the next five years, ensuring a smooth transition for the public and businesses. The SBP has confirmed that there is no immediate plan to demonetize the old notes, and any decision on their withdrawal will be made gradually.
The State Bank of Pakistan (SBP) clarified that the winners of the art competition announced on September 5 are not the final designs for the new currency notes. The competition was held to recognize local artists’ efforts and reward them, but the actual banknote designs are being created by international firms through a competitive process. These firms will submit their proposals by December 2024, with final approval expected from the Federal Government by January 2025. Printing of the new notes will begin after government approval. The local designs are meant to inspire international designers but are not the final versions.
